Gold Hits Fresh All-Time Highs as Golden Run Continues

Gold’s relentless ascent to new all-time highs continues to captivate markets worldwide. With the precious metal closing a third consecutive week of gains after a weekly appreciation of 4.28%, leaving the non-yielding bullion over 13.5% year-to-date, the enthusiasm surrounding gold remains palpable. Speculative buying, coupled with persistent geopolitical tensions in the Middle East, has propelled gold prices to record levels, overshadowing robust US job growth data in March. predicts even loftier heights for gold, suggesting a potential surge to $4,000 per ounce or beyond. Technical indicators support this bullish outlook, with gold’s recent breakthrough of final resistance at $2,200 indicating a clear path towards unprecedented territory. UBS echoes this sentiment, revising their year-end target to $2,500 per ounce, driven by expectations of increased demand, particularly from exchange-traded funds (ETFs).

Central bank buying, especially notable in Asia with China’s continued accumulation of gold reserves for the 17th consecutive month, adds substantial support to gold’s upward trajectory. Despite headwinds from a stronger US dollar and elevated interest rates, gold’s resilience shines through, buoyed by robust official sector demand and shifting market dynamics.

The markets are closely monitoring gold’s momentum, with anticipation surrounding the Federal Reserve’s interest rate decisions and geopolitical developments remaining key drivers. As gold marks its seventh consecutive session of record highs, the allure of this non-yielding bullion remains undeniable, drawing attention from both seasoned investors and newcomers alike. With uncertainty looming in global markets, gold’s status as a safe haven and store of value has never been more apparent, solidifying its position as the ultimate asset of choice in turbulent times.

Sources:TradingView, Trading Economics,, Dow Jones Newswire.

Piece written by Mfanafuthi Mhlongo, Trive Financial Market Analyst

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